National Republican., 1887-09-21
Particularly for the President.

Every one understands that New York is
the money center Of the country. In fact
1t bears the same relation TO the body poll
tic that the heart does to the human body
20 far as money is concerned. When the
blood ceases to flow from the heart through
its natural channels, the veins and arteries,
the body becomes sick, sometimes even unto
death. So when the money Of the country
ceases to flow from the great money center,
New York, through the proper veins and
arteries, the banks Of the city, the body
polite becomes sick.
The NATIONAL REPUBLICAN, like skilled
physician, diagnosed the condition OF the
country some months ago and stated that
there was danger of cessation of the flow
Of money because Of it's accumulation III
the United States treasury. The events o.
the past few months have conclusively
proven how true was the judgment, which
declared that there was danger OF foam
cial panic. 1t is now an accepted fact tn 1t
there is great strngency In the money mar
ket-that there is not enough money to
transact the business of the country.
The New York Sun has interviewed
large number of the leading business men
of New York city and printed their opin-
ions upon the subject.
The Sun says: sit has been accepted from
the foundation Of the government that the
business Of the country aud the surplus lu
the United States treasury have been de-
pendent upon each other and too closely
identified to bear long tampering with. " .
The merchants say that while Wall street
men have had money sufficient for their re-
qurements they have suffered from a strin-
gercy not equaled In many years. =
While Wall street men have not been In
jured, merchants, manufacturing corpora.
tlons, and all mercantile industries have
suffered from the lack Of money"
From what the business men say we ex-
tract the following:
Mr.. John Clahin, head OF the house Of
II. B. Clahin & Co., said: "To get perma-
nent relief, however, am OF the opinion
that the government debt will have to be
refunded at lower rate OF interest,""
Mr.. Cornelius N. Bliss, Of Bliss, Fabyan
& Co., dry goods merchants, said: 81 don't
believe in any reduction Of the tariff, for In
my opinion any reduction would increase
the revenue rather than reduce 1t, for the
reason that there would Immediately be an
enormous increase in all importations."
Mr.. Jay Gould said: "Of course, the con.
dition Of the money market rests largely
with the government. 1t might, II so dis.
posed, make money tight, but think that
the purchase likely to be made will prevent
any such condition.
Mr.. F. b. Thurber, Of Thurber, Whyland
& Co., said; "This situation is taken ad-
vantage OF by private money lenders ia
squeeze borrowers, and In this they have
been greatly aided by our Treasury Depart
ment. A large portion OF the treasury sur.
plus should at once be put In circulation ~
Mr.. W. IL, Male, president of the New
Atlantic Trust Company, said; "The lock
ing up OF money in the treasury, OF course
agt rayates the stringency."
The Hon. William Il. Grace, ex-mayor
of w. II. Grace & Co., said "There GER
tainly Is at the present time a lack OF
money for legitimate business purposes
This is evidenced on all hands by the
stringency In the money market aud the
prevailing high rate Of interest"
Mr.. Lewis M. Horntbal, OF Hornthal
Whitehead, Welssman & Co., the clothiers
said: "Money is fearful tight. 1t has
never been SO scarce among the merchants
as at the present time. The banks ar,
drawing In their lines OF loans In orde,
that they can supply those who never be
fore have asked accommodation. Tn,
banks are also refusing to buy commercial
paper, Uncle Sam could help us by buy
ing bonds, but am afraid IL is, as friend
remarked the other day, that we have only
child in the Treasury Department, and
not Fairchild,n
Mr.. Edwin II. Livermore, the Nestor OF
New York -four merchants, said: "Yes
there is stringency In the money market
and many merchants fear the future. They
are restricting their business-at least, those
in my line are-because they dislike to put
out paper, and they take an unfavorabl,
view OF the future Of the money market
The first thing to be done should be tht
cutting of of the internal revenue tax OF
tobacco and spirits. They alone bring t.
the government 2OOOO,0OO year"
Col. I. L. Hogg, president Of the Oregon